From Tata Power EGM to Colombia plane crash: 5 key developments

Cyrus Mistry former chairman of Tata sons leaves from Bombay House in Mumbai (Photo: Kamlesh Pednekar)

Business Standard brings to you a list of five key developments across the country.

Widgets Magazine

Tata vs Mistry: Tata Power calls EGM on December 26

Tata Power has convened an extraordinary general meeting (EGM) on December 26 to remove Cyrus P Mistry as director of the company. The decision for the EGM was taken at the company’s board meeting on Tuesday. The board’s decision followed a request from Tata Sons, which owns a 31.05 per cent stake in the company. Tuesday’s board meeting was chaired by Mistry without any contest either from the independent directors or from the company’s executive directors.

ALSO READ: Tata Power calls EGM to remove Cyrus Mistry

Flipkart’s valuation cut again by Morgan Stanley

US-based mutual fund Morgan Stanley's exercise of marking down the value of Flipkart to $5.58 billion will put pressure on the company to raise funds in order to compete with Amazon at a lower valuation. The US-based firm marked down the value of Flipkart for the sixth consecutive time, lowering the value of its shareholding by 38 per cent on a quarter on quarter basis. The markdown comes at a time when Flipkart has been struggling to raise funds at a valuation higher than or equal to $15.2 billion.

In an attempt to curb the Opposition's attack following demonetisation move, Prime Mninister Narendra Modi on Tuesday asked all Bharatiya Janata Party MPs, MLAs to submit details of their bank account transactions between November 8 and December 31 to party President Amit Shah. The remarks came as united Opposition is trying to corner the government in Parliament over demonetisation.

Seven soldiers, including two officers, were killed in a terror attack on a military base near Jammu on Tuesday, the army said. At one stage, the gunmen also took 12 soldiers, two women and two children hostage. But the army said they were safely rescued. "Two officers and five soldiers were martyred. Three terrorists have been killed," army spokesperson Lt Col Manish Mehta told reporters.

ALSO READ: Seven armymen, six terrorists killed in 2 incidents

Colombia plane crash

Emergency workers have found the black boxes with flight data and cockpit voice recordings from a plane that crashed in the Colombian mountains with a Brazilian football team on board, officials have said. Luis Perez Gutierrez, the governor for Antioquia department in northwestern Colombia, where the charter flight went down, announced yesterday that the two black boxes had been located. Aviation officials later confirmed the find.